MIRA INFORM REPORT

 

 

Report Date :

17.01.2014

 

IDENTIFICATION DETAILS

 

Name :

AL RABEEA AND AL SABAHIYAH TRADING EST

 

 

Registered Office :

Souq Al Juma, Al Rai Area, P O Box 13157 & 58248, Safat 29616

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.05.1987

 

 

Com. Reg. No.:

3933/2006

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

importer and distributor of camping and festival tents.

 

 

No. of Employees :

06

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Kuwait ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

 

Source : CIA

 

 

SUMMARY

 

Concern Name                                       : AL RABEEA AND AL SABAHIYAH TRADING EST

Also Known As                                      : AL RABEEA AND AL SABAHIYAH FOR TENTS EST

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 4th May 1987

Commercial Registration Number            : 56123

Trade Licence Number                            : 3933/2006

Chamber Membership Number                : 5770

Invested Capital                                     : KD 75,000

Total Workforce                                     : 6

Activities                                               : Distributors of tents

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Sayeed Juma, Sales Manager

 

CONCERN NAME

 

AL RABEEA AND AL SABAHIYAH TRADING EST

 

 

ALSO KNOWN AS

 

AL RABEEA AND AL SABAHIYAH FOR TENTS EST

 

 

concern ADDRESS

 

Registered & Physical Address

Location            : Souq Al Juma, Al Rai Area

PO Box             : 13157 & 58248

Town                 : Safat 29616

Country             : Kuwait

Telephone         : (965) 24713660

Facsimile          : (965) 24765962

Mobile               : (965) 99977751 / 94984419

Email                : al_subahiua@hotmail.com / ssayeed13@yahoo.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

·       Mubarak Fadeel Fahd Al Rasheedi                                         Proprietor & General Manager

·       Sayeed Juma                                                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th May 1987

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 56123

 

Trade Licence No.       : 3933/2006

 

Chamber Member No. : 5770

 

Invested Capital           : KD 75,000

 

Mr. Mubarak Fadeel Fahd Al Rasheedi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of camping and festival tents.

 

Import Countries: Germany and Pakistan

 

International Suppliers:

 

·       Llader                       Germany

·       Al Fajer Tents           Pakistan

·       Amanah Tents          Pakistan

 

Operating Trend: Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Revenue                            KD 1,750,000                            KD 1,935,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Burgan Bank

PO Box: 5875

Safat 13054

Tel: (965) 22410818

Fax: (965) 22410819

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.53

UK Pound

1

Rs.100.73

Euro

1

Rs.83.84

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.